Mortgage Protection

Mortgage Life cover for a Mortgage Protection need could either be a Mortgage Term Assurance contract where the amount of cover you choose remains the same throughout the term (unless the policy is amended) or a Mortgage Decreasing Term Assurance contract where the level of cover provided decreases broadly in line with the outstanding mortgage balance. Mortgage Decreasing Term Assurance is designed to repay the amount outstanding on a repayment mortgage 'capital and interest' repayment mortgage should you die during the term of the mortgage. In other words, if the policyholder(s) die prematurely, the outstanding loan amount on the mortgage will be repaid in full.

Policies can include other benefits known as ‘riders’, which are extra sorts of cover, added on to the life cover.

Benefits can include (not exhaustive) -

Waiver of premium - The premiums are waived but the cover continues if you cannot work due to illness or injury.

* Critical illness cover - the benefit is paid before death on the diagnosis of life shortening disease (e.g. cancer). This benefit may replace the death benefit, or it may be paid as well

THE PLAN WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.

*PLANS MAY NOT COVER ALL THE DEFINITIONS OF A CRITICAL ILLNESS. THE DEFINITIONS VARY BETWEEN PRODUCT PROVIDERS AND WILL BE DESCRIBED IN THE KEY FEATURES AND POLICY DOCUMENT IF YOU GO AHEAD WITH A PLAN.

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Cade & Co LLP is authorised and regulated by the Financial Conduct Authority (FCA) under reference 502829. Office Address: 1 High Street, Harpole, Northampton NN7 4DH. We offer telephone advice anywhere in the UK and a face to face advice service in Northampton and surrounding areas, call our experts for personal pensions, company pensions, income drawdown, investments, equity release and mortgages.